The sale of the unit, known as Georgetown 4, will be completed upon approval by the Indiana Utility Regulatory Commission and the Federal Energy Regulatory Commission.
With the acquisition of Georgetown 4, IPL will own two of the four units that comprise the Georgetown facility located in Indianapolis. IPL has operated all four units since commercial operation began in 2000 and 2001. IPL also has agreed to purchase the power output from Georgetown 4 for the summer cooling months - May through September - to meet the needs of its customers before the sale of the unit is completed.
David Ruud, president, DTEES, said the sale of Georgetown 4 is in line with the parent company's strategy announced late last year to monetize some non-utility assets. "Many of these businesses have grown to sufficient size and scale that we are now well positioned to monetize some of our non-utility assets," he said. "This is the first step in realizing the value from our monetization efforts."